Cessation date set for 1 and 6-month LIBOR while deliberation continues on 3-month

Use of one and six-month sterling LIBOR is to finish on 31 March 2023 - but some extra time is expected to be given for three-month sterling.

By Neasa MacErlean

An announcement from the Financial Conduct Authority confirmed the widespread expectation of these dates as well as of the ending of yen LIBOR contracts on 31 December. The statement also took in US$ LIBOR, saying it will announce "later in the Autumn" if its end date will be the end of June (the formal position now) or, as seems quite likely, after a "limited period" beyond then.